Allens has advised Development Victoria on the development arrangements, including the appointment of a development partner, for the final stage of the Fitzroy Gasworks precinct.
This final stage, known as Parcel A, will include approximately 360 new build-to-rent homes and signed in December 2025. Development Victoria has appointed Local: Residential – Australia's largest build‑to‑rent operator, backed by Macquarie Asset Management – to deliver Parcel A. The project will include 33% affordable housing, 10% of which will be reserved for First Nations people.
Located on the site of the former Fitzroy Gasworks, the broader precinct will deliver approximately 1400 homes in one of Melbourne's most sought-after locations, as well as more public car parks and larger open space.
Parcel A marks the culmination of more than five years' work to bring the precinct to market in multiple stages – Allens previously advised Development Victoria on development of Parcels B and C, together with the appointment of the Inner North Collective Joint Venture (INC JV) to deliver those parcels. The INC JV comprises of Assemble, Milieu and Hickory, with capital partners AustralianSuper and HESTA.
'We are pleased to have supported Development Victoria across all stages of this significant precinct development,' said Michael Graves, Partner and practice leader of Allens' Real Estate & Development team.
'Fitzroy Gasworks is a leading example of how long‑term partnerships between government and the private sector can help deliver diverse housing and high‑quality urban renewal in areas where it is most needed and where people want to live.'
Allens has led the market on build-to-rent, having advised: Greystar on the establishment of its Australian build-to-rent fund and several acquisitions and developments in Melbourne; Scape on the development of its purpose-built build-to-rent and student accommodation projects; and Stockland on its successful bid for the renewal of the Waterloo Estate into a mixed-use development comprising social and affordable housing.
